01—Abstract
Summary
Summary of the 8-K filed January 28, 2025. Cited figures are marked; the original filing is the authoritative source.
Stryker (NYSE: SYK) announced on January 28, 2025 a planned leadership change in its finance function.
Glenn S. Boehnlein, Vice President and Chief Financial Officer, will retire effective April 1, 2025, after a 22-year career at the company. He will then serve as Advisor to the Chief Executive Officer through March 31, 2026 under a Transition Agreement, during which he keeps his $800,000a base salary, a 2025 bonus target of 100%, and a $215,000 advisory-period bonus conditioned on staying through the transition.
He will receive no new equity awards during that period. Preston W. Wells, currently Vice President and Group CFO for the Orthopaedics Group, will succeed him as Vice President and Chief Financial Officer effective the same date.
Wells has been with Stryker since 2015 and previously led Investor Relations and Enterprise FP&A, which gives him direct exposure to the investor community and company-wide planning. His base salary rises to $725,000,b his bonus target is 85% of salary (prorated for 2025), and the Compensation Committee is expected to consider a February 2025 long-term incentive grant with an aggregate target value of about $3.0 million (40% stock options, 60% performance stock units).
For investors, the filing describes an orderly, planned succession with an internal candidate and a multi-month overlap period, which generally reduces execution risk. The filing does not discuss any change to financial guidance, results, or strategy, and the press release attributes the decision to Boehnlein's personal choice rather than any performance issue.
02—Key points
Key Highlights
- Glenn S. Boehnlein, CFO, is retiring effective April 1, 2025, after 22 years at Stryker.
- Preston W. Wells, currently Group CFO for Orthopaedics, will become VP and CFO effective April 1, 2025.
- Wells is an internal promotion with prior roles in Investor Relations (2020-2022) and FP&A (2016-2020), and 17 years of experience before joining Stryker.
- Boehnlein will serve as Advisor to the CEO from April 1, 2025 to March 31, 2026, at an $800,000 salary, a 100% bonus target, and a $215,000 advisory-period bonus.
- Wells's base salary increases to $725,000 with an 85% bonus target, prorated for 2025.
- A February 2025 LTI grant for Wells, targeting about $3.0 million (40% stock options, 60% PSUs), is recommended to the Compensation Committee.
- Stryker framed the change as a planned transition; the filing contains no changes to financial guidance or results.
03—Questions
Frequently Asked Questions
Why is Stryker's CFO leaving?
Boehnlein decided to retire after a 22-year career at Stryker. The company's announcement describes the change as his personal decision and does not cite performance concerns. He remains with the company as an advisor to the CEO through March 31, 2026.
Who is taking over as CFO and what is their background?
Preston W. Wells, age 48, becomes VP and CFO effective April 1, 2025. He has been Group CFO for Orthopaedics since July 2022 and previously led Investor Relations (2020-2022) and Financial Planning & Analysis (2016-2020). Before Stryker he spent 17 years in finance roles at Dialight and Johnson & Johnson. He holds a bachelor's in accounting from Bucknell and an MBA from Lehigh.
Does the transition create any operational or execution risk?
The risk appears limited. The successor is an internal candidate who already knows the company's finance and investor-facing processes, and Boehnlein will stay on as an advisor through March 2026 to support the handover. Investors should still watch for any change in reporting cadence or guidance style during the first quarters under the new CFO.
What are the new compensation terms for the incoming CFO?
Wells's base salary rises to $725,000 effective April 1, 2025, with a bonus target of 85% of salary prorated for 2025. The company will recommend to the Compensation and Human Capital Committee a February 2025 long-term incentive award with an aggregate target value of about $3.0 million, split 40% stock options (vesting 20% annually over five years) and 60% performance stock units (based on a three-year performance cycle).
Does this filing change Stryker's financial outlook?
No. The 8-K covers only executive transitions and compensation. It does not report financial results, guidance, or strategic changes. The press release is furnished under Item 7.01 and is not deemed filed for Section 18 purposes.
04—Continue